The upcoming vote on the GENIUS Act in the U.S. House may significantly impact the cryptocurrency market, evident from Bitcoin's price surge.
GENIUS Act Vote and Its Significance
The vote on the GENIUS Act is scheduled for tomorrow and may influence the creation of a regulatory framework for stablecoins, enhancing market trust. President Donald Trump noted that 11 out of the 12 necessary Congress members are present to support the legislation, highlighting strong political backing.
Bitcoin's Rise Amid Legislative Changes
Following the vote announcement, Bitcoin surged to nearly $119,000. This rise reflects increased investor confidence, demonstrated by over $400 million in inflows into ETFs. Ether funds, similarly, saw inflows of $192.3 million.
Market Predictions for Cryptocurrency
If the GENIUS Act passes, it will create a regulatory framework for stablecoins, which could significantly enhance institutional trust in the crypto sector. French Hill, Chairman of Financial Services, emphasized intentions to make the U.S. a global crypto capital. Historical data indicates that ETF approvals lead to price surges, and the GENIUS Act could potentially catalyze a broader market uplift.
The GENIUS Act vote could be a turning point for the crypto market, increasing trust and attracting more investors.
